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Iranian copper firm to form joint ventures with foreign investors

Business Materials 13 December 2016 19:08 (UTC +04:00)

Baku, Azerbaijan, Dec. 13

By Fatih Karimov – Trend:

The National Iranian Copper Industries Co. (NICICO) plans to form three joint ventures with foreign companies, Ahmad Morad Alizadeh, managing director of the NICICO, said.

Iran’s copper industry is flourishing after removal of the international sanctions last January, Alizadeh said, the Islamic Republic’s Mines and Mining Industries Development and Renovation Organization (IMIDRO) reported Dec. 13.

He further said the aforementioned joint ventures will be formed with Australian, Canadian and Georgian companies.

Alizadeh said that Iran’s copper industry remained undeveloped during the last 10 years due to the sanctions.

Cooperation with reliable foreign firms is necessary for development of Iran’s cooper industry, he added.

Attracting foreign investors is among the strategic objectives of the NICICO, Alizadeh said.

The company’s output capacity is planned to reach to 280,000 tons by March 2017, he said, adding that the company is implementing 18 projects, of them five projects will come on stream by March 2017.

Iran’s copper concentrate production amounted to 715,078 tons in the first eight months of the current Iranian fiscal year (March 20-Nov. 21), 14 percent more year-on-year.

Iran possesses the world’s second largest copper reserve. At present, six copper mines are operating in the country.

Iran’s copper production capacity stands at around 200,000 tons per year and the capacity is projected to double by March 2020.

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